Saudi Payments and Discover Sign Network Alliance Agreement
July 08, 2020 at 07:30 AM EDT
Discover and Saudi Payments signed a strategic agreement that will increase the global acceptance footprint for both organizations. The agreement will give Discover, Diners Club International, PULSE and network alliance cardholders the ability to use their card on the mada network. This includes at Point-of-Sales (POS), on e-commerce platforms and at ATMs across the Kingdom. It also allows Saudi banks to issue cards that will be accepted on the Discover Global Network for international purchases and cash access outside of the Kingdom.
This strategic alliance enhances Saudi Payments’ strategy to grow the number of options available in the Kingdom’s digital payment environment providing more choices to consumers. It will benefit customers by increasing the number of payment options available and provide them access to more than 48 million outlets in 200 countries. Discover Global Network cardholders will have access to more than 470,000 POS terminals at local merchants and more than 18,000 ATM access locations in Saudi Arabia.
Saudi Payments Managing Director Ziad bin Bandar Al-Yousef said, “The new partnership with Discover Global Network reflects Saudi Payments’ commitment to provide multiple payment options in the Kingdom’s digital payments sector and supports the Kingdom’s target of becoming a 70% cashless society by 2030. This will increase choice for all our stakeholders, including citizens, residents, tourists and pilgrims and make transactions smoother and easier.”
"Through alliances with regional payments networks such as Saudi Payments, Discover is able to continue to provide our partners with the global reach and localized solutions that they value," said Matt Sloan, Vice President of International Markets at Discover.
About Saudi Payments:
Saudi Payments, a wholly owned subsidiary of the Saudi Arabian Monetary Authority, was founded to operate and develop all major national payment systems.
Since its establishment in 1991 under the name of the "General Department of Payment Systems" at the Monetary Authority, the real launch of the Saudi Payments as a Company came in 2018, and has played a vital role in enabling the public and private sectors to connect with domestic and international payment services, helping to develop the Kingdom’s payment infrastructure.
Saudi Payments provides fast, flexible, and safe electronic payment services at low cost, through mada, Sadad, Esal, and Sarie systems, enhancing the national electronic payment infrastructure and reducing cash transactions.
Saudi Payments supports the government’s Financial Sector Development Program, a part of the Kingdom's Vision 2030 Program. Saudi Payments operates to international standards, connecting local and international service providers with payment networks, reducing the need for cash payments.
Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network comprised of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance around the world. For more information, visit www.discover.com/company.